News | September 19, 2022

Oilfield Communications Market Is Expected To Grow At A CAGR Of 5.4% From 2022 – 2032 | FMI

The oilfield communications market is expected to grow at a CAGR of 5.4%, from US$ 3.8B in 2022 to USD 6.4 billion by 2032.

Increasing investments in network infrastructure, rising demand for oilfield communications from oil and gas operators to scale the production of mature oilfields, and rising technological advancements for communication across oilfields are expected to drive the adoption of the oilfield communications market.

Businesses that provide oilfield communications solutions and services are expected to see a significant drop in oilfield communications market growth due to the COVID-19 pandemic-led global lockdown.

The pandemic caused oilfield communications companies to face liquidity crises, healthier companies to diversify their businesses, and companies to face a skilled workforce shortage when the oilfield communications market recovers due to layoffs during the lockdown.

Demand for oilfield communications has risen rapidly, and companies are investing heavily in exploring new oil fields, particularly in the Asia Pacific.

The reliable and fast network enables oil and gas companies to discover new remote offshore and onshore oilfields, which may influence the oilfield communications market’s key trends and opportunities.

The major oil exploration companies that are establishing operations in harsh and remote areas are driving up demand for oilfield communications solutions.

Most of the major oil exploration companies are advancing their technologies in response to the increasing demand for high bandwidth communication.

Key Takeaways:

  • The US oilfield communications market is expected to reach US$ 2.2B by 2032, growing at a 4.9% CAGR through 2032.
  • The UK oilfield communications market is expected to be worth US$ 278.2M by 2032, with a CAGR of 4.4% between now and then through 2032.
  • By 2032, the Chinese oilfield communications market is expected to reach US$ 442.0M, growing at a 4.7% CAGR.
  • A Japanese oilfield communications market is expected to be worth US$ 367.4M by 2032, growing at a 4.0% annual rate until then.
  • South Korea is expected to have a US$ 215.3M oilfield communications market by 2032, with a CAGR of 3.3% through 2032.
  • The onshore segment of the oilfield communications market’s field site category is expected to grow at a CAGR of 4.9% through 2032.
  • The oilfield communications market component sectors’ services segment will grow at a CAGR of 5.2% through 2032.

Competitive Landscape:
A new market research report on Oilfield Communications says that Huawei Technologies Co., Ltd., Siemens AG, Speedcast, Weatherford International plc, and Ceragon are among the legacy players’ vendors.

The research offers a comprehensive competition analysis of these top competitors in the oilfield communications market, including oilfield communications market growth, oilfield communications market share, oilfield communications market adoption trends, and important market strategies.

About Us
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.

These insights are based on a report on Oilfield Communications Market by Future Market Insights

Source: Future Market Insights